Deferred claims provision and net investment income significant part of NPAT. Hence do not want to pay too much multiple for that. Hence stock downgraded. Still doing very well.
Their travel insurance business as expected been slaughtered.
other points:
- Market could also be expecting nib to return some of deferred claims money back to members
- Nursing shortages and wage increases - will put tension into hospital negotiations. Higher expected indexation to hospitals expected.
Deferred claims provision and net investment income significant...
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